Earnings Forecast: Sunny for Telecom, Not Banks

Following Alcoa's strong earnings, analysts see decent growth, but worry about revenue and valuations.

Having risen more than 40% since the start of the year, Alcoa's stock price reflected a lot of optimism when the aluminum producer kicked off earnings season Tuesday. The optimism proved warranted: Alcoa's (ticker: AA) second-quarter financials bested profit and revenue forecasts, and the shares jumped another 3.6% the next day.

The question now: Will the rest of the Standard & Poor's 500 follow suit?